Rents are rising in Chicagoland. Here’s how tenant reps can help

by Emma Ludman

Rents are rising in Chicagoland. Here’s how tenant reps can help

Apartmentguide released their Annual Rent Report this week, which highlighted market trends and fluctuations experienced by renters in major cities across the United States.

The report revealed significant rent increases across the Midwest, and as the nation’s third largest city, Chicago was no exception. Overall, Chicago was one of the top 16 U.S. cities in terms of rent increases, with properties of all shapes and sizes experiencing sizable surges in rental premiums.

Compared to last year’s data, the rent for studio apartments increased by 7.4 percent, one-bedroom apartments increased by 4.8 percent, and two-bedroom apartments increased by 2.9 percent. This growth was on par with data from the rest of the region, as the Midwest experienced a 2.2 percent overall growth in rent, and the state of Illinois experienced 6.2 percent growth since 2019.

With such a hot rental market, tenants are looking for expert guidance from real estate professionals. Here are some tips and takeaways from the report to help you find the right rental space for your clients.

  • Work with renters to create a list of wants and needs. When helping your clients look for properties, it is important to make sure they are realistically evaluating their expectations. Factors such as transportation, location and cost of living are all incredibly important when it comes to finding the perfect place and should be taken into consideration before more exciting elements, such as amenities.
  • Advise clients to partner up. A great way to help your clients deal with rising rents is to encourage them to consider living with roommates to help split up the cost.
  • Show them the middle floor. The convenience of a first-floor unit and the views of a top floor unit can be very attractive to prospective tenants, but by picking a middle unit, your clients can save money on rent and utilities. That’s because middle units can benefit from the surrounding units cooling and heating systems, which can help lower tenants’ utility bills in the long run.
  • Remember that value is a shifting baseline. Rent prices are constantly fluctuating due to a variety of external factors. Don’t let your tenants get discouraged if they are having trouble finding a place within their budget constraints, especially if they have a flexible timeline. In a couple months, the market could be completely different. Even if it’s not the right time for them to move now, let them know you’ll keep an eye on neighborhood trends so you can help them find the right fit.

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